Why Should Every Child Have a Piggy Bank?

How To Link Aadhar Card With Kotak Bank

Get your free Credit report that cost  Rs 1200 for FREE

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

What do you find most appealing in children? Is it their beauty? Is it their playfulness? Is it their innate humor? Apart from these, the most appealing thing about children is their innocence, their curiosity, and their belief or trust in their parents. Have you ever noticed that your children behave the way you do? You may feel embarrassed by it sometimes, but that is what children do. They try to ape you. They try to be like you. They believe in whatever you say. So, childhood is the time when you must educate your kids about the importance of money, as they believe in that.

Parents are the most important people in the life of children. Teach your children a lot of good habits. A growing family witnesses an increase in expenditure. This is the time you must educate yourself as well as your children on the benefits of saving money. This is where the importance of a piggy bank kicks in.

What is a Piggy Bank?

A piggy bank is not just a storage box for thousands of rupees. It symbolizes the essential habit of saving money. Putting a coin or two in a piggy bank has been fun for most of us in the olden days. However, nowadays parents are taking piggy banks more seriously because they have realized the utility and importance of piggy banks to teach children how to save money.

One of the most effective ways of parenting is teaching your child the value of money. Saving money is an essential skill you need to have in your life. Buying a piggy bank for your kids at an early age and encouraging them to fill it up with money can inculcate great saving habit in your children. Ask your children to drop the coins or currency notes received as blessings from their aunt, uncle, grandparents, etc. into their piggy banks. Even if they are young, start budgeting for your kids. The best thing they can throw into a piggy bank is leftovers. 

How Do You Encourage Your Children to Save Money in Piggy Banks?

Piggy banks are fun elements for children. They’re like toys that inherently attract children and hence encourage them to save money as they cannot understand the concept of real banks or savings account. Here is the list of things you must keep in mind while educating your kids about piggy banks.

  • Gift your children a piggy bank on their birthday.

  • Teach your kids about money and its importance.

  • Make it a ritual to fill it with a minimum amount weekly.

  • Set some financial goals for your children.

  • Give them a target, and if they reach it, gift them with something like a toy, a video game, or increase the amount of the weekly ritual.

  • Make a plan on how the money must be spent.

The Importance of Piggy Banks

  • Helps in Organizing Loose Change: You might often end up losing all the change under the couch, in your car, or under your pillow when you go for shopping. Piggy bank is a better way to organize this loose change. You can also save the right amount of money which go wasted every time.

  • Helps in Adding up Money: Setting up goals is one crucial thing you must do for your children. What do children like to buy usually? It can be a bicycle or a video game or a beautiful doll. Make them save every penny to purchase the toy they desire. This would keep them motivated toward the assigned goal. Also, it visually shows your children how close or far they are from achieving the goal.

  • Motivates You by Setting a Great Example: Piggy banks are effective ways to teach youngsters in the family about the importance of saving money. You might not save an enormous amount, but indeed you end up saving something with which they can buy a new toy or a new video game. This drives the children to save more and more, which benefits them in the near future.

  • Helps You to Save Always: “A penny saved is a penny earned,” said Benjamin Franklin. Savings must be a top priority for your children. It must become a habit for your children to save money. Tell them the purpose and importance of piggy banks. A piggy bank is just like a foundation for great savings. It’ll surely help inculcate a saving habit in your children.

To Sum Up

Now that you know why you should educate your children about the benefits of saving money, rush to the market and get your kids a piggy bank. It creates a roadmap to a bright future in which they know how to manage their money. Have fun and saving more!


Get your invite to mymoneykarma

Credit Score powered by
Equifax Free Credit Score®